Deutsche Bank downgrades India's Hero MotoCorp

KristeneQuan

HONG KONG (MarketWatch) -- Deutsche Bank on Monday downgraded India's Hero MotoCorp Ltd.
500182, -0.77%
the world's largest motorcycle manufacturer by sales volumes, to sell. The brokerage said the impact of an anticipated structural change, following the end of the company's joint venture with Honda Motor Co.
7267, +1.07%HMC, +0.31%
is happening sooner than expected. It said Hero was impacted the most by the current slowdown in the Indian two-wheeler market, with sales volumes for the first half of the current fiscal year down 3%, although Honda managed to gain market share. The analysts also cut their two-wheeler industry volume forecasts, expecting it to grow 4.8% in the year ending March 2013, as compared to their earlier forecast of a 7.8% growth. They also cut their sales forecast for the next financial year to 9.7% from 10.2%.

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